Current through Register Vol. 41, No. 3, September 23, 2024
A.
Documentation required for registration. Except as provided in subsection B of
this section, every charitable organization subject to registration, pursuant
to § 57-49 of the Code of Virginia , shall file with the commissioner an
initial registration statement on a form prescribed by the commissioner or the
Unified Registration Statement, with all questions answered, with two
signatures, and with all attachments required by Chapter 5 (§ 57-48 et
seq.) of Title 57 of the Code of Virginia . The completed registration
statement shall include the following attachments :
1. Fee. The appropriate fee in the amount
prescribed in subsection E of § 57-49 of the Code of Virginia, made
payable to "Treasurer of Virginia";
2. Financial report. A copy of one of the
following:
a. For all organizations with
prior financial history:
(1) The completed IRS
Form 990, 990-PF, or 990-EZ, for the past fiscal year, with all schedules, as
required by the IRS, except Schedule B, and with all attachments, as filed with
the IRS. The form must be signed or, if the form is filed electronically with
the IRS, the organization must submit a copy of the IRS e-file signature
authorization;
(2) Certified
audited financial statements for the past fiscal year; or
(3) If the annual income of the organization
qualifies the organization to file Form 990-N with the IRS, a certified
treasurer's report for the past fiscal year.
b. For a newly organized charitable
organization that has no financial history, a budget for the current fiscal
year shall be filed;
3.
Key personnel. A listing for the current fiscal year of the officers,
directors, trustees, and principal salaried executive staff officer, including
their names , addresses, and titles within the organization;
4. Contracts. A signed copy of all current
contracts with any professional fund-raising counsel and any professional
solicitor, as required in § 57-54 of the Code of Virginia;
5. Governing documents. If the organization
is incorporated, a copy of the certificate of incorporation, articles of
incorporation, and any subsequent amendments to those documents ; if
unincorporated, any governing documents;
6. Bylaws. A copy of the organization's
bylaws and any subsequent amendments to that document; and
7. Tax exemption. If the charitable
organization is listed with the IRS as tax exempt, a copy of the IRS
determination letter and any subsequent notifications of modification; if
exempt status is pending, a copy of the completed IRS application form as filed
with the IRS.
B.
Consolidated or "joint" registration. A statewide or national charitable or
civic organization may file a consolidated, or "joint," registration with the
commissioner, as described in subsection B of § 57-49 of the Code of
Virginia , on behalf of its local chapters, which shall not be considered
complete unless accompanied by all supporting documentation specified in
subsection A of this section, if:
1. The
parent organization shares a group IRS exemption status with its chapters and
all financial reporting is consolidated in the parent organization's IRS Form
990, Form 990-PF, or Form 990-EZ, or in its certified audited financial
statements ; if the organization's annual income qualifies the organization to
file Form 990-N with the IRS, in its certified treasurer's report; or
2. Each chapter has its own separate IRS
exemption status, but the organization's articles of incorporation or bylaws
state that all financial matters are managed by the parent organization and all
financial reporting is consolidated in the parent organization's IRS Form 990,
Form 990-PF, or Form 990-EZ, or in its certified audited financial statements ;
if its annual income qualifies the organization to file Form 990-N with the
IRS, in its certified treasurer's report.
C. Standard of reporting contributions. Every
charitable organization subject to registration , pursuant to § 57-49 of
the Code of Virginia , shall :
1. Report the
gross contributions when the solicitation does not include goods or
services;
2. Report as gross
contributions the valuation of any goods or services solicited for resale. Such
valuation shall be determined as prescribed in the American Institute of
Certified Public Accountants standards for reporting donated goods and
services;
3. Report the gross
contributions when the solicitation includes the sale or donation of tickets
for use by third parties, or when the goods or services sold are of nominal
value; and
4. Report contributions,
which may be for net contributions only, when received from special events
including, but not limited to, dinners, dances, carnivals, raffles, and bingo
games, when the goods or services offered are of more than nominal value in
return for a payment higher than the direct cost of the goods or services
provided.
Statutory Authority: § 57-66 of the Code of
Virginia.
